May presented a mixed bag for convertible arbitrage funds, which continued to struggle throughout much of the month, but then got a boost toward the end of the month when convertible prices experienced a brief snapback. Arbitex Investors Ltd. lost 3.15%, bringing its year-to-date loss to 12.73%. San Francisco-based Alta Partners Ltd. lost 6.20% and is down 14.24% for 2005.
The Argent Classic Convertible Arbitrage Fund LP - Class A was down 2.28% for the month and down 12.25% for the year. The KDC Convertible Arbitrage Fund lost 4.93% in May, bringing its 2005 total to a negative